Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has received a consensus recommendation of “Moderate Buy” from the four ratings firms that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $31.00.

A number of equities analysts recently issued reports on the company. Bank of America started coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a “neutral” rating and a $28.00 target price for the company. Seaport Res Ptn upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. Finally, Keefe, Bruyette & Woods reduced their price objective on Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, April 22nd.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Washington Trust Bancorp by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 319 shares during the period. Linden Thomas Advisory Services LLC grew its position in shares of Washington Trust Bancorp by 1.1% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider’s stock valued at $1,135,000 after acquiring an additional 401 shares during the period. Kestra Private Wealth Services LLC grew its position in shares of Washington Trust Bancorp by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 544 shares during the period. Essex Financial Services Inc. grew its position in shares of Washington Trust Bancorp by 10.9% during the 4th quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 726 shares during the period. Finally, LPL Financial LLC grew its position in shares of Washington Trust Bancorp by 4.2% during the 4th quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 738 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $27.21 on Wednesday. The firm has a market capitalization of $524.91 million, a price-to-earnings ratio of -17.55 and a beta of 0.91. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day moving average of $27.87 and a 200 day moving average of $30.56. Washington Trust Bancorp has a 1 year low of $24.91 and a 1 year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). The firm had revenue of $59.07 million during the quarter, compared to analysts’ expectations of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. As a group, research analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.56 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.23%. Washington Trust Bancorp’s payout ratio is currently -143.59%.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.